It is not a simple process. If you lease the vehicle, you will be primarily responsible to the lessor. For example, if the vehicle is totalled and there remains a balance on the lease, you will ultimately be responsible for the deficiency.
And, any plaintiff's attorney will likely sue anyone with an ownership
interest in the vehicle involved in the accident. You can likely get out of the suit, but only after spending time and money to do so. That's what makes the American legal system a bit unfair in such circumstances.
While you can lease it to a third-party and have an indemnity/hold harmless clause included, you might still be in a position of having to sue the party you leased to in order to raise the indeminity issues. While you may escape liability, you still have had to incur the time and expense to realize that protection.
Leasing is doable. Limiting your exposure should the party you lease to default or have an accident (or both) can't be done completely. You will always have a degree of exposure and ultimate liability for the debt. There will always be a bit of risk. Thus, it depends on your risk tolerance and balancing the circumstances (such as how well you know the party you would lease to).
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